“The fact is that, because none of them will come on, we’re all scared because we’re thinking that the reason they’re not coming on is that it’s worse than we think,” he said.

Cramer is giving the nod to Exxon Mobile, even though it’s down after the report. Exxon is still making money, but Cramer doesn’t think it has been focusing enough on drilling.

“You don’t want to bet against Exxon,” he said.

The CEO of Wesco Financial, Jeffrey L. Jacobson, said there has been a pause in commercial construction, but Cramer doesn’t agree. He uses the commercial construction REITs as a gauge for the sector, and those are “on fire,” he said.